In an ambitious move, the overly hyped Yuga Labs hopes to make more than $50 million through its latest NFT collection called Mecha Apes and raise metaverse land pieces as well.
Yuga labs intend to launch a new collection of NFTs by the end of this year formerly called Mecha Apes.
In addition, the firm aims to raise another $50 million and 100,000 metaverse land pieces in order to enhance the trading of NFTs collection and Metaverse land.
Mecha Apes collection
The company sold out 100,000 piece NFT collection. The Otherdeeds for Otherside NFT collection raked in about $600 million.
Each deed was sold at an initial cost of $6,000. However, since the sellout, the floor price dropped to a low of $2,700. Both the value of the ether and the ether floor price dropped drastically. The prices plummeted during the current bear market. Apparently, the volume of NFT trading also plummeted by 99% from last year’s high.
The new Mecha Apes features a Mecha Piece as one of the artifacts in the Otherdeeds. Yuga labs present the Otherdeeds as a place where players interact with each other. Players interact simultaneously in a single place and also connect with crowds of thousands and experience immersive gameplay. The immersive and rich immersive gameplay emanates from AI support. Physics and Metaverse interaction also contributes to the experience.
Meanwhile, Yuga labs intend to build a media empire on web 3.0. The media empire will include games and art based on the metaverse. Yuga labs outlined the plans in seed funding earlier this year. The seed funding raised about $450 million in investments.
Animoca Brands partnered with Yuga labs to develop its metaverse game – Sam Bankman – Fred’s FTX ventures. Other investors in the Andreesen Horowitz seed fund include Google Ventures and Mark Cuban. Despite claiming that metaverse land is the dumbest idea ever, Mark Cuban still invested in the seed fund.
Dominating the NFT space
Yuga labs also claimed that it intends to create a blockchain of its own. The blockchain will target its own crypto token called ApeCoin. The move by Yuga labs seeks to address scalability issues.
Following the issues with the launch of Otherdeeds, buyers clogged the blockchain. Clogging of buyers in the blockchain resulted in high transaction fees.
Yuga labs continue to dominate the NFT space. The firm purchased the rights for the famous collections called Meebits and Cryptopunks.
The collections hold the highest trading volume so far with 991,000 ether traded. The Bored Ape Yacht Club follows suit. The Bored Apes Yacht Club holds over 661,900 ether traded.
The trading volume of Otherdeeds remains one of the highest of all the NFT collections. The trading volume caps at 342,900 ether traded so far.
Yuga Labs so far
In March, Yuga labs planned to make hundreds of millions of dollars by selling off virtual plots of land. The company also planned to launch a new metaverse initiative.
Yuga labs also announced the acquisition of the Crypto Punks and Meebits projects. The two projects represented intellectual property from Larva Labs just days prior. The projects possess a combined trading volume of $3 billion.
